I have been told the above company has been approved by Fannie Mae and Freddie Mac to negotiate their short sales? Has anyone come across them yet? To work with them you have to pay 90+ dollars to join and pay them 1% of the purchase price (from our commissions) or $1500 whichever is higher! I am confused as Fannie and Freddie just said they would not discount our commission and now they sign up with these guys and say we will pay them from our commissions? I find it hard to believe? Anyone else heard of these guys?

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Citi mortgage just railroaded me into using them.  When I contacted Citi to start the short sale, they said we had to use NQS to process the file.  They waived the $90, and didn't mention the 1% (which is coming out the commission) until about 1 month after we had the entire package submitted. 

 

As far as their service...what service!?  They haven't done anything except slow down the process.  The entire short sale package including offer and everything they asked for was uploaded within 3 days.  After a few days they confirmed they had everything they needed, but then they sat on it for a month and did not respond to the messages sent through their own messaging system.

 

NQS is simply the result of a loan servicer (Citi in my case) outsourcing their responsibility and getting us (the agents) to foot the bill.

 

The problem for me is that to have this fight (with Citi & NQS) would put my client's short sale approval at risk, especially considering the foreclosure clock is ticking.   Obviously, my client's needs come first and so my compensation gets cut and life goes on.  What can I do?   ...any suggestions?

 

 

Ahh yesssss. NQS - super waste of time and effort.  I had to use them for one bank - they screwed things up and tied them up until the buyer walked.  When I left that file, the bank dumped NQS.  Yeah, I talked with the office of the president there...  Hopefully, they are doing a better job of dealing with short sales now.

 

[Let's say your investor is FNMA.  Ask them to explain how the bank paid by FNMA to service the loan hires another company to simply take the files that you put together to send them and then extorts 1% of the sales to pay themselves on a sale that loses money for the investor - the gov't.  Uh, the gov't pays the bank to deal with the account and pays NQS to do the same while losing money.. hmmm.... double dipping? at both your and taxpayers' expense?]  Yeah, I know NQS...

You do NOT have to pay NQS this 1% fee. I had short sale with them last year where they showed up demanding this fee. It took some vwery persistent NO's but they ate the fee at the end of the day.

Simply refuse to pay the fee. Eventually they WILL GIVE UP. They can only charge the fee if you agree to it. JUST SAY NO.

 

That is right, you do not have to pay NQS. 

They made a deal with us that if we worked with them on one of these last minute extortion deals with paying them 1% that they would send us listings. The listings they sent to us were all in bad areas, with such low values that there would be no commission left after paying out on a short sale worth our time- and the sellers were awful at returning paperwork etc. 

NQS was working with Bank United. We told Bank United we would not pay NQS fee, Bank United told us then they would turn down our short sale!!!! NQS did NOTHING on the files- NOTHING!!! But screw them up. Then Bank United stopped using them but started using Green River Capital who are just as bad! 

Minna Reid said:

You do NOT have to pay NQS this 1% fee. I had short sale with them last year where they showed up demanding this fee. It took some vwery persistent NO's but they ate the fee at the end of the day.

Simply refuse to pay the fee. Eventually they WILL GIVE UP. They can only charge the fee if you agree to it. JUST SAY NO.

 

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